Our Services - Bangladesh
- Direct Tax & Allied Matters
- Transfer Pricing
- Indirect Tax
Bangladesh has been among the fastest growing economies in the world over the past decade primarily due to their stable macroeconomic conditions and flourishing ready-made garment exports.The Partners of Anup Sinha & Associates have established a company in Bangladesh, namely, Anup Sinha Consulting (P) Ltd, which renders services in the areas of Direct Tax, Transfer Pricing, International Tax, Expatriate Tax, Indirect Tax and Regulatory. The company also assists the potential foreign investors in exploring business opportunities in Bangladesh and resolves their issues by coordinating with the Bangladesh Investment Development Authority, Ministries of Bangladesh, Bangladesh Bank, National Board of Revenue and Registrar of Joint Stock Companies & Firms.
Our philosophy is to listen to the clients and to apply our vast knowledge and experience to provide solution for the complex and strategic tax and regulatory issues of the clients. Our position as a tax advisor is based on the professionalism of our people, the quality of our services, the trust we have gained from our clients and the contribution we have made towards well-being of our clients by relieving them from worries relating to tax disputes.
The foreign investors including companies planning to enter into Bangladesh or already operating in Bangladesh need to understand the legal and regulatory environment of Bangladesh. The Bangladesh Investment Development Authority (BIDA) is the key authority and regulator of private foreign investments in Bangladesh. We render comprehensive services to existing foreign investors and potential foreign investors in Bangladesh in the regulatory matters which are stated below.
- Opinion to potential foreign investors on the regulatory environment of Bangladesh so as to enable them to take investment decision correctly
- Assistance toforeign investors in identifying business partners in Bangladesh in respect of deals involving merger / acquisition / joint venture and provision of expert advice in connection therewith
- Assistance to potential foreign investors (who are keen to undertake various industrial projects in Bangladesh) in identifying suitable investment projects in Bangladesh and meeting the Secretaries of theconcerned Ministers for acquiring knowledge in regard to the exact project requirements
- Assistance to foreign investors for enabling them to participate in tenders relating to various industrial projects
- Advice and support to foreign investors winning the tenders in the matter of compliance with the relevant provisions of various statutes of Bangladesh
- Assistance to foreign investors in making representation before the Prime Minister’s Office for securing approvals in respect of complex regulatory issues
- Assistance to foreign investorsin making representation beforethe Ministry of Law for securing approval in respect of complex regulatory issues
- Assistance to foreign investorsin securing regulatory approval and licence from the BIDA, Bangladesh Bank, Ministries of Bangladesh, Registrar of Joint Stock Companies & Firms and other regulatory authorities
- Assistance to foreign investorsin setting up project management office in Bangladesh from the perspective of tax and regulatory
- Advisory services in the matter of compliance to be undertaken by foreign investors in the present regulatory environment of Bangladesh
- Assistance to foreign investors in making representation before Bangladesh Bank for remittance to any foreign country for the payment of royalty, technical fees or any other fees to any foreign company outside Bangladesh
- Assistance to outgoing foreign investors in winding up their business affairs in Bangladesh on completion of the work / project and in remitting the fund to their home countries without any impediments
Direct Tax & Allied Matters
All types of assessees in Bangladesh like individuals to highly reputed corporate houses have to comply with the provisions of Bangladesh Income Tax Ordinance, 1984 with due care. Considering the rapid change of global tax environment, the National Board of Revenue (NBR) has been introducing various rules and regulations in the area of direct tax from time to time. This causes inconvenience to the business houses in terms of interpretation of the provisions of the Income Tax Ordinance. In this scenario, suitable tax planning and correct tax advice are required to reduce the tax incidence and to minimise the risk of litigation significantly.
In the area of Direct Tax and allied matters, we offer comprehensive services which are stated below:
- Corporate tax compliance, planning and advisory services
- International tax planning and advisory services
- Expatriate tax compliance and advisory services rendered to employer in Bangladesh and expatriate employee from foreign country
- Withholding tax compliance and advisory services
- Representation before Ministry of Finance for taking approvals in respect of complex direct tax issues
- Representation before the National Board of Revenue (NBR) in respect of any issue relating to interpretation of Income Tax Ordinance and Double Taxation Avoidance Agreements
- Preparation of brief for Senior Counsel in respect of Supreme Court matters
- Representation before the Taxes Appellate Tribunal, Appellate Joint/Additional Commissioner or the Commissioner (Appeals) and income tax assessment authority
- Merger & Acquisition tax (including due diligence and allied services)
- Assistance in obtaining opinion in writing from Senior Counsel in relation to complex income tax issues
NBR has adopted transfer pricing regulations/rules by incorporating a chapter on transfer pricing in Income Tax Ordinance (Chapter XIA) through Finance Act 2012. The aim of the new rules is to ensure that the profits taxable in Bangladesh are not transferred to foreign countries (especially in low-taxation countries) or understated (or losses overstated) by manipulating intra-company/related company transactions. Transfer pricing regulations in Bangladesh have been made effective from 1 July 2014.
We offer full-range services in the area of transfer pricing which are stated below:
- Assistancein identification of international transactions and preparation of statement of international transactions to be furnished before the tax authority in prescribed format
- Assistance inpreparation and filing of reportfrom an Accountantin respect of international transactions, with the tax authority in prescribed format
- Preparation of Transfer Pricing Study Report which documents the ‘function-asset-risk analysis’ undertaken in relation to the international transactions and the arm’s length price analysis undertaken in relation to the international transactions by applying appropriate methods
- Assistance in resolving transfer pricing disputes at various level of the competent authority
- Transfer pricing planning and policy determination
- Other advisory services
- Assistance in obtaining opinion in writing from Senior Counsel in relation to complex transfer pricing issues
Indirect taxes contribute significantly to the tax revenue earned by the Government of Bangladesh. The previous Value Added Tax (VAT) legislation has been replaced by the VAT and Supplementary Duty Act, 2012, from 1st July, 2019. With the implementation of the new legislation, there has been a substantial change in VAT compliance and administration.There have been continuous clarifications and amendments in the VAT law, which require constant monitoring of changes in VAT law by the business houses. The new VAT law may affect their business models by prescribing varying treatments of supply of goods and services. Mitigating the risk of non-compliance will save business houses from penalties, and the relief schemes may lead to cost savings resulting from increase in business cash flow.
We render full range indirect tax services to our clients in the areas of VAT, Customs Duty and Excise Duty which are briefly stated below.
- Indirect tax compliance services
- Indirect tax planning and advisory services
- Representation before the National Board of Revenue in respect of complexindirect tax issues
- Preparation of brief for Senior Counsel in respect of Supreme Court matters
- Representation services before the tax appellate authorities up to the Customs, Excise & VAT Appellate Tribunal
- Representation services before the tax assessment authorities
- Assistance in obtaining opinion in writing from the Senior Counsel in relation to complex indirect tax issues